
		30 June 2026			31 December 2025
		Assets	Liabilities		Assets	Liabilities
		US$’000	US$’000		US$’000	US$’000
Interest rate swaps		3,705	—		3,055	(306)
Forward freight agreements and related bunker swaps		10,039	(16,438)		1,238	(1,496)
Commodity contracts and derivatives		37,360	(43,931)		24,696	(23,007)
Forward foreign exchange contracts		—	—		22	—
		51,104	(60,369)		29,011	(24,809)

Non-current		2,869	—		3,055	(411)
Current		48,235	(60,369)		25,956	(24,398)
		51,104	(60,369)		29,011	(24,809)

As at 30 June 2026, the Group has interest rate swaps with total notional principal amounting to US$191.4 million (31 December 2025: US$199.6 million). The Group’s interest rate swaps mature between 2027 to 2029.

Interest rate swaps were transacted to hedge the interest rate risk on bank borrowings. After taking into account the effects of these contracts, for part of the bank borrowings, the Group would effectively pay fixed interest rates ranging from 2.0% per annum to 3.7% per annum and would receive a variable rate based on US$ SOFR. Hedge accounting was adopted for these contracts.

Forward freight agreements and related bunker swaps were transacted to hedge freight rates and bunker price risks. Hedge accounting was adopted for these contracts.

Commodity contracts and derivatives comprise physical buy and sell commodity contracts measured at fair value through profit or loss, and commodity derivative contracts. The Group did not adopt hedge accounting for these contracts.

Forward foreign exchange contracts were transacted to hedge foreign exchange risks. The Group did not adopt hedge accounting for these contracts.